IBA-Moscow to Open its Branch in Frankfurt
Azerbaijan, Baku / Trend I.Khailova / The International Bank of Azerbaijan - Moscow Ltd plans to open its first board. Fuad Abdullayev, the chairman of the managing board of the IBA said that the branch will open in Frankfurt on the basis of representation of the maternal company IBA.
"This market is an interesting direction for the development of the banking operations, because the annual turnover between Russia and Germany comprise $35bln," Abdullayev stressed.
The expansion of the network abroad enables the Ltd to receive a general license from the Russian bank for implementation of the banking operations. Abdullayev said that not all 1,300 banks functioning in Russia hold a general license. "Its issue requires a long time and it confirms status and confidence of IBA-Moscow in Russia," he said
Presently, the bank has branches in Moscow, Moscow region, Yekaterinburg, St Petersburg. IBA-Moscow's plans cover its development in Nizhniy Novgorod, taking into consideration that 25% of the goods turnover fall on this region, it is also considered interesting, Abdullayev noted. The bank is eager to launch its activities in this region in 2008.
In accordance with volume of assets IBA-Moscow occupied 249th place among Russian banks and for capital 299th. As a result of the second quarter, the assets rose to 6bln rubles and capital comprises 710mln rubles.